The "Saturday Night Live" veteran, who has been in "tightly guarded" negotiations for weeks now, is set to succeed Jimmy Fallon in NBC's 12:35 a.m. late night slot, according to The Hollywood Reporter.

"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation," said entertainment chairman Bob Greenblatt in a statement to THR. "His years at 'SNL's Weekend Update desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the 'Late Night' franchise."

"On behalf of Steve Burke, Ted Harbert and Paul Telegdy, we couldn't be happier that Seth and Jimmy Fallon will be continuing their careers at NBC after growing up in this network's late night legacy," he concluded.

Meyers, who got his start on the sketch comedy show in 2001, has appeared in a number of films in recent years including "Journey to the Center of the Earth," "Nick and Norah's Infinite Playlist" and "New Year's Eve." He has also appeared on television shows including "The Mindy Project" and "Spin City."

The "Weekend Update" anchor, 39, expressed his excitement over his new high-profile gig, adding: "I only have to work for Lorne [Michaels] for five more years before I pay him back for the time I totaled his car. 12:30 on NBC has long been incredible real estate. I hope I can do it justice."